OREANDA-NEWS. Enel OGK-5 published its audited consolidated financial statements for 2012 in accordance with the International Financial Reporting Standards (IFRS).

Operating revenues totaled 66,546 million RUR, up 6,443 million RUR or 11% compared to the figure posted in 2011 thanks to two key factors. First, electricity sales increased to 50,744 GWh from 47,862 GWh in 2011, which resulted in an additional 2.7 billion RUR of 2012 revenues compared to 2011. Second, revenues from CCGT sales on the capacity market increased by 3.1 billion RUR thanks to the first full year of operations of the two new units at Nevinnomysskaya and Sredneuralskaya. These units were commissioned during the second half of 2011.

EBITDA stood at 15,021 million RUR, 1,471 million RUR higher than the figure posted in 2011 (+11%).

The positive EBITDA dynamics were mainly attributable to the increase in capacity revenues from the CCGTs and their strong profitability on the day-ahead market. These factors helped offset lower profitability of conventional gas-fired units due to their unfavorable pricing conditions (1% day-ahead market price increase in the European Russia and the Urals region in 2012 compared with a 7.5% gas tariff increase).

EBITDA margin in 2012 stood at 22.6%, in line with the 2011 value.

Net profit for the period totaled 5,553 million RUR, 589 million RUR or 12% above the value posted in 2011.

Net debt as of December 31st, 2012 stood at 24,968 million RUR, decreasing by 2,475 million RUR or 9% compared with year-end 2011. In addition to the strong operating cash flow posted in 2012, the decrease in net debt was also attributable to net working capital improvements and lower capital expenditures due to the completion of the mandatory investment program in 2011.

Enrico Viale, Enel OGK-5 CEO, stated: “We are pleased to show again noticeable improvements in all key financials. In 2012, market conditions were clearly not as favorable for generators as in previous years, with free power prices lagging a way behind gas tariff growth. In spite of such a backdrop, we were able to meet our full-year targets thanks to the operation of the new CCGT units and further efficiency improvements. Year 2012 marked an important step in the implementation of our strategy, which is aimed at delivering growing profitability while also implementing all the investments required to ensure stable and efficient long-term performance of our generation assets.”